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S&P rates TTM notes BB-
S&P said it rated TTM Technologies Inc.’s planned $500 million of senior unsecured notes BB- with a 5 recovery rating. The agency also affirmed the BB+ rating with a 2 recovery rating on TTM’s first-lien debt and BB issuer rating.
The proceeds will be used to pay down its $375 million of 5 5/8% senior unsecured notes due 2025 and repay the $40 million outstanding under its Asia asset-based lending facility.
The intended debt-refinancing transaction is neutral for leverage, the agency said.
The outlook is stable.
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